- Alchemy Pay and Berkah Digital have jointly obtained a license to operate in Indonesia.
- The two will cooperate in operating remittances and fund transfers.
- The news has caused the price of ACH to surge considerably.
At press time, the price of ACH, the native token of Alchemy Pay, was trading at $0.04217, up 8.63% in the past 24 hours following news that Alchemy Pay has obtained a license from the Central Bank of Indonesia to operate remittances and fund transfers.
Fiat-to-crypto payment provider Alchemy Pay has partnered with an Indonesian fintech called Berkah Digital’s platform BDPay, which obtained a license alongside Alchemy Pay, to offer low-cost remittances for cryptocurrency users in the country.
Crypto payments in Indonesia
Following the licensing, the two firms will offer low-cost payout methods. Alchemy Pay, in particular, is expanding its services in Asia and the regulatory approval in Indonesia is a big plus for the firm.
The Bank of Indonesia has listed Berkah Digital as a payment service provider under the license category 3. Previously the firm was famous for its BDPay platform that offers cross-border and local remittance services to cooperate and retail customers. It also processes payrolls and transfers through bank application programming interfaces (API). Users can transfers funds using the platform to 136 banks within Indonesia.
On other hand, Alchemy pay offers a simple cryptocurrency on-ramp that supports Mastercard, Google Pay, Apple Pay, and Visa among other regional mobile wallets including BDPay. In addition to Indonesia, Alchemy Pay’s platform is now legal in about 18 countries.
Besides being based in Singapore, Alchemy Pay is a major global crypto-to-fiat payment platform that has established a number of partnerships with giants like Binance crypto exchange. This makes it a major crypto player in Indonesia especially since it also has a Virtual Crypto-Linked Cards program
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